The Singapore subsidiary of cryptocurrency exchange OKX has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license will enable OKX to offer a wider range of digital payment services in compliance with local regulations.
Approval is Approved in principle It will be granted by MAS in March 2024.
To mark this milestone, OKX Gracie Lynn He has been appointed as the new CEO of the Singapore operation.
With extensive experience in public policy, investment management, capital markets and technology start-ups, Lin is expected to lead OKX’s growth and expand its presence in the Singapore market.
Prior to joining OKX, he held senior roles at Grab as Managing Director of Strategy and Economics and Vice President of Business Management at GIC.
Mr Lin also has extensive regulatory experience, having served as Deputy Director General and Head of Money Markets at MAS for nearly 10 years.
OKX is also working to enhance its product offering for customers in Singapore, with plans to introduce seamless connectivity with local bank accounts for easier deposits and withdrawals.
The company said in a statement:
“Our long-term ambitions in Singapore go beyond just products. Our goal is to contribute significantly to the development of the local digital asset industry by working closely with regulators, partners, the broader community and customers to drive responsible innovation.”
This means customising our services to local needs whilst proactively developing the infrastructure, talent and knowledge to help the industry grow.”
Featured Image Credit: Free Pick
